US Commerce Secretary Howard Lutnick made a brief stopover in New Delhi on Thursday where he met Commerce and Industry Minister Piyush Goyal over lunch and discussed trade-related issues.
“Hosted US Secretary of Commerce Lutnick and US Ambassador Sergio Gor. Engaged in very fruitful discussions to expand our trade and economic partnership,” Goyal posted on X.
“A highly productive lunch. So many areas of cooperation for our two nations,” Gor said. Sources said there are no other official meetings scheduled for Lutnick in India. Beyond the social media posts, there was no official word from both sides on the discussions and the trade deal they have agreed to earlier this month.
It was the first meeting at the ministerial level on both sides after they agreed to a framework for a trade agreement and announced it through a joint statement on February 6.
In the deal the US had agreed to bring down extra tariffs on India to 18% from 50. In return India has shown intent to buy $ 500 billion worth of products from the US and provide greater market access in agriculture and industrial goods from America.
On February 20, the US Supreme Court invalidated country specific tariffs which led to postponement of negotiations that were to be held this week between both sides to finalise the legal text of the interim deal.
A delegation of Indian officials led by the chief negotiator was expected to be in Washington from February 23 to February 26.
The commerce ministry sources had said it was mutually decided to re-schedule the visit when each side has had the time to evaluate the latest developments and its implications.
Goyal had said on Tuesday that as soon as there is more clarity on the tariff front the trade talks will resume. After the interim agreement, India and the US would launch negotiations on a Bilateral Trade Agreement (BTA).
The US President Donald Trump had said nothing changes for India even after the Supreme Court judgement. To keep up the tariffs, the US has used Section 122 of the Trade Act of 1974 to impose 10% extra tariffs for 150 days on all imports to address the international payments problems. Now it is working on increasing these tariffs to 15%, the maximum allowed under the act for select countries “wherever appropriate”, US Trade Representative Jamieson Greer had said on Wednesday.
Trump and other top officials have said that they would like to continue the use of tariffs implemented through “alternate tools” to bring down its trade deficit with the world. “Before the Supreme Court struck down tariffs most of these countries had agreed to have tariffs on them of 18%, 19%, 20%. So going up to 15% for them at least temporarily is better than the deal they had,” Jamieson had said in an interview.
This article was first uploaded on February twenty-six, twenty twenty-six, at twenty-six minutes past eight in the night.
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